Ask any international man of commerce what he believes is the finest spot in the world in which to ply his trade and before the question has even rolled off your tongue, he is certain to snap back “St Vincent & the Grenadines”.
And how could he say otherwise? That fabled land is known throughout the world. Its ports are teeming with goods. Its streets are paved with gold. I’ve never been but I hear the capital city, whose name I know is already familiar to you, makes Canary Wharf look like a veritable playground.
Ok, so I’m being facetious but SVG was a major hub for CFD providers over the past few years. It was cheap and quick to set up there, you pay no tax and regulations are next to non-existent.
All these ‘benefits’ are now gone. Earlier this year the regulator in SVG gave brokers 45 days to produce proof they’re regulated in all the countries they do business in, something that’s practically impossible for any company to do.
Why did this happen? What’s going to happen? What are the alternatives? What does it mean for MT4/5 brokers? What’s the future of the industry?
We discuss all these questions with Atomiq Consulting founder Jonathan Baumgart, and even manage to squeeze in a mention of OvalX, in this new episode of the CFDs Weekly Podcast.